Goodwill

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Business combinations entered into by the Bancorp typically result in the recognition of goodwill. Acquisition activity includes acquisitions in the respective period in addition to purchase accounting adjustments related to previous acquisitions.

The Bancorp completed its annual goodwill impairment test as of September 30, 2021 by performing a qualitative assessment of goodwill at the reporting unit level to determine whether any indicators of impairment existed. In performing this qualitative assessment, the Bancorp evaluated events and circumstances since the last impairment analysis, macroeconomic conditions, banking industry and market conditions and key financial metrics of the Bancorp as well as reporting unit and overall Bancorp financial performance. After assessing the totality of the events and circumstances, the Bancorp determined that it was not more likely than not that the fair values of the Commercial Banking, Branch Banking and Wealth and Asset Management reporting units were less than their respective carrying amounts and, therefore, the quantitative goodwill impairment test was deemed unnecessary.

Changes in the net carrying amount of goodwill, by reporting unit, for the nine months ended September 30, 2021 and the year ended December 31, 2020 were as follows:


($ in millions)	Commercial Banking		Branch Banking	Consumer Lending	Wealth and Asset Management	General Corporate and Other	Total
Goodwill	$	2,704	2,046	215	252	—	5,217
Accumulated impairment losses	(750)		—	(215)	—	—	(965)
Net carrying value as of December 31, 2019	$	1,954	2,046	—	252	—	4,252
Acquisition activity	26		1	—	1	—	28
Sale of business	—		—	—	(22)	—	(22)
Net carrying value as of December 31, 2020	$	1,980	2,047	—	231	—	4,258
Acquisition activity	1		255	—	—	—	256
Net carrying value as of September 30, 2021	$	1,981	2,302	—	231	—	4,514